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  #1  
Old 09-22-2010, 01:21 AM
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Cubfan Cubfan is offline
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Default Anyone dabble in real estate?

Specifically rental properties? Both my brother and a BIL are doing really well for themselves by buying varying degrees of stressed houses, fixing them up a bit, and getting in tenants. They have inspired me to look into it as well.

For me the key would be finding a decent house with minimum renovations required. And finding a good tenant (heck that is the key for anyone doing this!).

Im well aware of the risks and headaches involved.

Anyone with experience?
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Old 09-22-2010, 03:13 AM
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As far as headaches go, there are a couple of condos in my circle (64 units) that people haven't been able to sell and are renting. Problem is 99% of the people living here are retirees and the renters see to all be low-income younger folks who like to make a lot of noise. These are $200-$250,000 condos to give perspective on the other neighbors' incomes/nesteggs. In this market finding people shouldn't be a problem, just having to deal with people is a different story.
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Old 09-22-2010, 03:31 AM
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No experience here in being a Landlord. As you say Cubby, it really comes down to your clientèle with it being a positive or negative experience. When it is good it is good but when it is bad it is baaaaad from what I have seen from people I know.

Like I tell my wife I think I would rather be the guy lugging the crap out of the dump for cash on the barrel than the guy holding the note on the property these days and most days.
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Old 09-22-2010, 04:04 AM
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If you got the jack go for it. I view it like this. If your wife lost her job, how would you get by with 2 properties? Could you swing it for a year or two until a new job came up? Maybe she'd get a job in days. Who knows. You just never know.

We thought about this years ago and didn't. We just bought a larger home. Good or bad. Here we are. Good luck to you. Just remember you can't just turn people down because they look like scummy renters. If they want it you cannot discriminate. Part of being the landlord. I couldn't let someone else mess my stuff up. I'd lose it.

MY MIL bought a house a few months back in Florida. It was a foreclosure. She is renting it right now until they are able to move down. She just got a job at QVC which is right in the same town. SWEET. So in a few months she'll be there, then in the new year the renters will be out and they will move into their house. So for they haven't had any issues with their tenants.
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Old 09-22-2010, 12:12 PM
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Quote:
Originally Posted by Hockeyfan View Post
If your wife lost her job, how would you get by with 2 properties?
well that is what Im struggling with the most. What my brother is doing is paying cash for houses < $60k. He doesn't have mortgages. But his houses are in sh*tty neigborhoods, and is tenants aren't the most upstanding looking citizens (to put it politically correct), so the risk is higher, but he hasnt had any problems so far. OR, I could buy a house in better condition, in a better neighborhood, possibly get a nicer clientele, but then most likely have to leverage it. And that scares me on one income.
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Old 09-22-2010, 12:30 PM
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Quote:
Originally Posted by Cubfan View Post
OR, I could buy a house in better condition, in a better neighborhood, possibly get a nicer clientele, but then most likely have to leverage it. And that scares me on one income.
This is the situation we were in 5 or 6 years ago. My wife owned an apartment in Boston and when she moved down here we rented it out for 3 or 4 years. It was in a nice neighborhood and we were really picky with who we rented to. We did credit checks on all potential tenants, had their tax returns, called all references etc. We turned down a couple and had to pay the mortgage once or twice but it was worth it for the peace of mind, we ended up with fantastic tenants. I'd say if you were going to do it make sure that you have 5 or 6 months of mortgage payments in the bank in case you run into an issue. If you have a nice place in a good neighborhood though it shouldn't be too hard to rent it out.

Good Luck!
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Old 09-22-2010, 12:40 PM
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I am currently trying to do this with a short sale condo in good condition. Granted I am renting to my father, but honestly his credit is ZERO and financially not trustworthy. Nicer area, CHEAP!

Waiting for the sellers bank to agree with the short sale.

If you are careful and run the credit checks and are picky you should find a good renter. I know up here there are more renters than available good properties.
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Old 09-22-2010, 12:44 PM
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Personally ,i would stay far away from being a landlord ...regardless of great clients and great neighborhoods...When anything goes wrong they will be calling on you,its not their problem, its yours.....be a flipper...My uncle in Florida has done this 25+ years,needless to say he has people working for him now, while he sips cocktails on his boat...
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Old 09-22-2010, 12:55 PM
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Simply not looking to flip. Im looking to pay off the property(s) as quickly as possible and have future revenue stream(s). The perfect scenario is having a nice house, with reliable long term tenants and sit back and collect a monthly check. (again, Im well aware it's not going to go perfectly, Im just saying...). And not that Im a real estate expert by any stretch of the imagination, but from my understanding, this just isn't the market to flip anymore.

I appreciate the input, but like I said in my first post, I've considered the risks. I was hoping to keep the "I wouldn't do it" responses to a minimum.
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Old 09-22-2010, 01:01 PM
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NP.......guess i'll just say good luck...I really don't know anything about it..
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